Lloyds, Capital One, Norwich & Peterborough cut savings rates
www.moneynews.co.uk > LloydsTSB > Lloyds, Capital One, Norwich & Peterborough cut savings rates
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Money News |
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Lloyds, Capital One, Norwich & Peterborough cut savings rates
Mon 17th Nov 2008
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According to uSwitch.com, the cuts came in the week following the Bank of England's dramatic 1.5 per cent cut in the base rate of interest.
But the price comparison site noted that 14 of the institutions concerned had cut their savers' interest rates by more than the Bank of England reduction, in some cases by an additional 1.05 per cent.
Louise Bond, personal finance manager at uSwitch.com, said: "Providers have once again demonstrated their willingness to act fast and cut rates when it serves their purpose."
This latest news follows the revelations last week that many bank bosses only cut their rates of interest for borrowers after the chancellor Alistair Darling put pressure on them to do so.
Click here for more banking news
Related News : LloydsTSB |
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